iShares Long-Term Bond Fund (TLT) is up 65 cents to $92.45, as bonds rally on the heels of today’s economic data. A report released pre-market showed GDP falling 5.7 percent in the first quarter (below estimates of -5.5 percent). The latest Chicago Purchasing Manager’s Index fell to 34.9 in May, from 40.1 (42 consensus). The U of Michigan was the bright spot, up to 68.7 in late May, up from 67.9 (68 consensus). Overall data disappointed and benchmark ten-year Treasury is up 1/4 point to yield 3.58 percent. Top trade in TLT is a block of 5,400 June 96 calls for 65 cents on ISE, an opening customer buy. More than 10K now traded.